President Bola Tinubu is again seeking the approval of the Senate for another $7.8 billion and another €100 million borrowing plan, News About Nigeria reports.
This request is coming barely 24 hours after the Senate’s approval of the new N2.18 trillion Supplementary budget.
Tinubu’s request to the Senate was contained in a letter read on Wednesday during the plenary by the Senate President, Godswill Akpabio.
According to Tinubu’s letter, the borrowing is to enable his administration to rebuild the nation’s economy through projects and programmes.
He further noted that the loan is essential to help curb the harsh realities of the fuel subsidy removal, which Nigerians are currently suffering from.
According to him, the loans would be used to create employment, build skills among young people and also to support entrepreneurs in the country.
In his words: “I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical, economic evaluations as well as the expected contribution to the social, economic development of the country, including employment generation, skills acquisitions, supporting the emergence of more entrepreneurs, poverty reduction and food security to improve the livelihood of an average Nigerian.”
President Tinubu also noted that, due to the present economic realities facing the country, it has become imperative for his administration to use external borrowing to rebuild key infrastructure projects in the country like; power, railway, and health, among others.
“Given the nature of these facilities and the need to consolidate the country to normalcy, it has become exigent to request the senate consideration and approval of the 2022- 2024 external borrowing plans to enable the government to deliver its responsibilities to Nigerians through expeditious disbursement and efficient projects implementation,” he stated.
Tinubu also explained that the projects and programmes will be implemented in all 36 states of the federation and the Federal Capital Territory, Abuja.
